Cadano promotes ADA as that perfect crypto fit to be Tesla’s payment option

Cardano woos Tesla for accepting ADA for commercial transactions

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Looks like Cardano tried to bring Elon Musk’s attention to their native crypto currency ADA for use as a payment option for making Tesla car purchases.

By now, (unless you're living under a rock) everyone following the cryptocurrency space would be aware of Tesla suspending it’s BTC payment option with Elon Musk citing concerns about the amount of energy the Bitcoin Network uses to function causing negative environmental impacts.

However, Elon Musk is open to exploring other cryptocurrencies to use as a payment option for making Tesla purchases, provided, that cryptocurrency uses less than 1% of energy that the Bitcoin Network consumes.

Bitcoin Network is not the problem, encourage industry to use renewable sources of energy instead

[Image Source](Image by Myriams-Fotos from Pixabay)

Now, before I go any further, I would like to point out that the banks consume more energy than what the Bitcoin Network does. Furthermore, the onus should not be on the Bitcoin Network for polluting the environment but the onus should be on the power sources our society employs for getting electrical power. Today there are many sustainable sources of energy like solar power.

So, the problem here is that the Bitcoin Miners and other commercial entities like banks, shopping malls, restaurants, offices are not getting their electrical energy from renewable energy sources and the problem is not the Bitcoin Network!!

Therefore, Elon Musk’s assertion that he is concerned about the environmental impact of Bitcoin does not hold merit according to me who was once a Bitcoin enthusiast before my encounters with various other cryptocurrencies in the crypto space.

Elon Musk has not shown interest to have the ‘Cardano discussion’ with Charles Hoskinson

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Anyway, now back to Cardano’s attempt in luring Tesla to consider ADA as a crypto currency payment option.

Charles Hoskinson, the man leading the Cardano project invited Elon Musk for a ‘Cardano discussion’ to his farm house through his tweet in twitter which did not get a reply back from Elon.

Cardano is a hot crypto but it’s not popular commercially as a payment option

Ada is the 5th largest crypto by Market capitalisation - https://www.coingecko.com/en

Cardano Blockchain, does consume less energy than Bitcoin, and is a popular crypto holding the 5th largest market cap currently. However, the problem is that it’s adoption as a means of payment by commercial merchants has been low.

BTC is the most accepted crypto for payments in commerce with 6,600 merchants taking in BTC payments, after which ETH is the next with 3,200 merchants taking in ETH payments.

We all know that Elon Musk has shown interest in DogeCoin, which has 1,300 merchants accepting Doge as a payment option. ADA currently has just 200 merchants taking in ADA crypto as a payment option.

Therefore, currently it is unlikely that Elon Musk would consider ADA as means of payment for processing Tesla Car purchases.

Still, Cardano looks promising with it’s smart contract capabilities coming to life

However, all this reflects the cheek and confidence of the Cardano team lead by Charles Hoskinson. There is a lot more happening in the Cardano Blockchain project with the Blockchain being prepared for smart contract launch functionalities with the Plutus Smart Contract, more of which will be explained in another article.

Cardano has been very active in price action of late, as it’s price climbed above 2$ recently with fresh All Time High Prices that ended at a peak at price range of 2.45$.

*Ada's recent price performence *- https://www.tradingview.com/chart/jCWaxKNy/

Since May 16th, the price of Ada has corrected which is 1.6$ now forming support on Ada’s previous resistance ranges at $1.4.

Thank you for reading my post, don’t forget to like my post if you liked it. Happy Weekend!!